President Joe Biden and First Lady Jill Biden reported earning $620,000 before taxes in 2023, an increase from the $580,000 they made in 2022. The majority of this increase came from a jump in their interest income. This income includes Joe Biden’s $400,000 salary as president, Jill Biden’s $86,000 as a professor, $55,000 in Social Security benefits, $35,000 from pensions and annuities, and $39,000 in interest. They also earned an additional $4,000 in book royalties, which was paid to an LLC they use for their writing and speaking engagements. Additionally, they donated $20,000 to various charitable organizations.
The Bidens paid $147,000 in federal taxes, resulting in a 24% tax rate. They also pay for many of their own expenses while living in the White House, including groceries and other living costs. Despite the increase in their income, their net worth has remained steady at $10 million. This has mostly been due to Joe Biden’s various income sources after leaving the vice presidency, such as speaking engagements, book deals, and his teaching position at the University of Pennsylvania. Joe and Jill Biden’s wealth is primarily tied up in their two Delaware homes, with the majority of their fortune coming from these properties.
The Bidens’ most valuable property is their 4,800-square-foot summer home in Rehoboth Beach, worth an estimated $4.5 million. They also own a colonial-style home in Wilmington’s Greenville neighborhood, which Biden initially purchased as just a piece of land in 1996, and is now worth an estimated $2.5 million. Additionally, they have investments in pensions and other holdings, including Joe Biden’s 1967 Corvette Stingray, valued at around $100,000. Their net worth has increased by 25% since Joe Biden’s inauguration, thanks to his presidential salary, rising real estate values, and the surging stock market affecting the value of his mutual fund investments.
Overall, 2023 was a good year financially for the Bidens, with their income increasing and their net worth remaining stable. They continue to be involved in charitable giving, donating to organizations such as the Beau Biden Foundation and various churches. Their tax rate of 24% is higher than the typical American’s effective tax rate, which was 13.8% in 2021, according to the IRS. The Bidens also cover many of their living expenses while residing in the White House, with some financial support available for official duties. Their financial disclosure is due in May, showcasing any new changes to their assets and income.
In comparison to Joe Biden’s Republican opponent, their income pales in comparison. The amount the Bidens earned in 2023 is around the same as what the Girl Scouts of Greater New York pay Trump in annual rent for their office at 40 Wall Street. Despite this difference in income, the Bidens remain committed to their charitable giving and continue to manage their wealth responsibly. Their financial situation, with the majority of their wealth tied up in their Delaware homes, has remained steady, and they continue to balance their personal finances with their roles in public service.
